British and European expatriates in Singapore are choosing luxurious lifestyles now, at the expense of their future financial security, according to a new survey by the insurance company Standard Life International.

Even though 85% of those surveyed said they were earning more in Singapore than they did in their previous jobs, and 78% said they had more disposable income than before, more than one-fifth (22%) said they are not currently saving anything for retirement. Instead, they are spending their spare cash on their current standard of living, holidays, and travel.

Some 10% of those surveyed said they spend more than 30% of their monthly income on school fees.

On the bright side, 73% of those interviewed by the Standard Life researchers said they were saving more than they did in the previous jurisdiction they lived in.

Standard Life suggests that the city-state’s high cost of living is one of the reason expats fall into the trap of spending more on short-term lifestyle luxuries, the abundance of nearby travel temptations, and the commitment of returning home to visit family are other pressures.